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You can obtain an even larger bang-for-your-buck by giving appreciated property to charity. tax deductions, ir spectroscopy, federal income tax form, gift tax, australian tax office, state tax, death tax, colorado state tax, online tax filing, federal tax brackets, new york state income tax, property tax, new york state department of taxation, georgia tax forms, capital gains tax, nys department of taxation and finance, federal tax table 2002, irs refund status, tax laws, tax returns, irs tax forms, new york state tax forms, tax evasion Pennsylvania sales tax. Let''s see why. Gifts of Appreciated PropertyNormally when you sell appreciated property, such as stock, the difference between what you paid for the stock and the amount you sold it for is subject to income tax at capital gains rates. Let''s assume you want to make a $10,000 gift to your favorite charity. tax deductions, ir spectroscopy, federal income tax form, gift tax, australian tax office, state tax, death tax, colorado state tax, online tax filing, federal tax brackets, new york state income tax, property tax, new york state department of taxation, georgia tax forms, capital gains tax, nys department of taxation and finance, federal tax table 2002, irs refund status, tax laws, tax returns, irs tax forms, new york state tax forms, tax evasion Federal income tax form. You have some XYZ stock for which you paid $3,000 that has increased in value nicely and is now worth $10,000, and you have decided to sell the stock to make the charitable gift. The sale of the stock will generate gain of $7,000 ($10,000 sales proceeds less $3,000 cost), but the $10,000 charitable contribution will provide you with a $10,000 income tax deduction that will more than offset the $7,000 gain. Where do you stand after all this is done? The XYZ stock is gone, but you''ve made your charitable contribution and you''ve got a tax refund of approximately $930 ($3,000 income tax deduction in excess of the gain incurred on the sale of the stock at an estimated tax rate of 31%). tax deductions, ir spectroscopy, federal income tax form, gift tax, australian tax office, state tax, death tax, colorado state tax, online tax filing, federal tax brackets, new york state income tax, property tax, new york state department of taxation, georgia tax forms, capital gains tax, nys department of taxation and finance, federal tax table 2002, irs refund status, tax laws, tax returns, irs tax forms, new york state tax forms, tax evasion Michigan state tax forms. For most taxpayers, however, there is an exemption from income tax for the gain element of appreciated property that is given to charity. Giving the XYZ stock to charity does not result in $7,000 of gain. Consequently, if you were to give the XYA stock to charity instead of selling the stock to make the $10,000 gift, you would get the full benefit of your $10,000 charitable deduction, rather than using up $7,000 of this deduction merely to offset $7,000 of gain on the sale of the stock. Your refund check would then approximate $3,000 ($10,000 at 31% estimated tax rate), rather that $930. (Remember, if the charity sells the XYZ stock after receiving it from you, it will have no tax to pay. Public charities are exempt from income tax on the sale of investment securities. )Take a look at this charitable giving technique from a slightly different perspective.
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